1. CBN Sanctions 14 Banks for Crowding out SMEs in FX Market
2. CBN, Lee Group, Jigawa to partner on sugar production
3. No end to fuel importation yet –NNPC
4. FG Pays IOCs $400m as Part Settlement of Cash Call Debt
5. Kachikwu: No More State-sponsored Trips to OTC from 2018
6. Nigerian oil & gas provide investment opportunities in excess of $50bn – Kachikwu
7. Nigeria sustains oil production at 2mbpd, as NNPC boss briefs Buhari
CBN Sanctions 14 Banks For Crowding Out SMEs In FX Market
Following persistent complaints that some Deposit Money Banks (DMBs) have deliberately frustrated efforts by many Small and Medium Enterprises (SMEs) to access FX from the window created for small businesses in the country, the Central Bank of Nigeria (CBN) has barred all but eight banks from participating in the weekly SME wholesale spot and forwards interventions effective Tuesday. Sources at the CBN disclosed that the banking system regulator took the decision to bar the erring banks based on field reports, which revealed that only eight banks had sold FX to the SME segment since the inception of the window.
CBN, Lee Group, Jigawa To Partner On Sugar Production
Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele yesterday in Dutse, Jigawa State said the apex bank is ready to partner with the Lee Group and Jigawa State government to ensure the establishment of a mulch-billion naira white refined sugar cane factory that will generate N60 billion yearlyy in the state. Emefiele who spoke during the foundation laying ceremony of 12, 000 hectres of land in Garin Chiroma in Gagarawa Local Government Area of the state, however, regretted that Nigeria spends over $100 million yearly for the importation of sugar which can be grown in the country.
No End To Fuel Importation Yet –NNPC
Nigeria’s hope of ending fuel importation was yesterday dashed as the Nigerian National Petroleum Corporation (NNPC) said it would take more years to get the refineries back on stream. Group Managing Director of NNPC, Dr. Maikanti Baru, stated this while responding to questions from the media on the sidelines of the ongoing Offshore Technology Conference (OTC), in Houston, Texas, USA which entered its second day on Tuesday. He explained that the inability of the refineries to operate at installed capacities was because their rehabilitation had been hampered by lack of regular Turn Around Maintenance (TAM) over the years, adding it would take more years to get them back to full capacity.
FG Pays IOCs $400m As Part Settlement Of Cash Call Debt
The federal government has begun redeeming its pledge to settle outstanding joint venture cash call debts it owes international oil companies (IOCs), with $400 million released to them last week, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu has disclosed. Kachikwu told reporters on Tuesday on the sidelines of the 2017 Offshore Technology Conference (OTC) in Houston, Texas that the $400 million payment was part of the $1.2 billion cash call debt owed the IOCs in 2016.
Kachikwu: No More State-sponsored Trips To OTC From 2018
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said the federal government will no longer sponsor delegates to the annual Offshore Technology Conference (OTC) in Houston, Texas, United States starting from 2018. Kachikwu also said the country has perfected plans to begin an African version of the OTC in 2018, adding that existing top rate annual oil and gas conferences hosted in the country like the Nigerian Oil and Gas (NOG) conference and exhibition, would be collapsed into the new larger and improved conference.
Nigerian Oil & Gas Provide Investment Opportunities In Excess Of $50bn – Kachikwu
Minister of State for Petroleum Resources, Dr Ibe Kachikwu, said the economic growth plan recently launched by Federal Government would provide strategic and economic partnerships in excess of 50 billion dollars, reports. Kachikwu said this on Tuesday while wooing investors at an event organised in Houston, U.S., by the Nigerian Content Development and Monitoring Board (NCDMB). He said: “the Federal Government of Nigeria has launched a National Economic and Growth Plan for the next four years. This is anchored on the Nigeria Oil and Gas Roadmap among other sectoral roadmaps.
Nigeria Sustains Oil Production At 2mbpd, As NNPC Boss Briefs Buhari
Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikati Baru, on Tuesday, briefed President Muhammadu Buhari, on the nation’s current oil production as well as activities of the corporation and its subsidiaries. Speaking to State House correspondents after a closed door meeting with the President at the Presidential Villa, Abuja, Baru said he told the President that the volume of oil production in the country now stands at 2 million barrels per day (bpd).